Cash Paymaster Services

NET1: Peeling away the layers

In light of the SASSA debacle, actuary Magda Wierzycka analyses the financial web of Net1, the company that runs the social grant payment system. Given the controversy around Net1, I decided to look at Net1 from an investment analyst’s perspective and to try to understand exactly what Net1 does and how it generates[…]

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The real risks behind South Africa’s social grant payment crisis

The dispute hovering over South Africa’s social grant system and threatening millions of vulnerable beneficiaries with nonpayment creates risks that go far beyond interrupting poor people’s access to desperately needed grants. The failure of the South African Social Security Agency (Sassa), which is responsible for the payment and administration of[…]

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SASSA paypoint robbed

Four heavily armed robbers attempted to rob a SASSA paypoint in Bonteheuwel on Thursday morning. They however disarmed the cash in transit guards of two firearms. The paypoint is next to a municipality building housing municipality police who responded immediately upon being informed. No cash was taken from the paypoint[…]

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SASSA, “ready” to handle payments of grants internally

The South African Social Services Agency (SASSA) this week addressed Parliament’s Portfolio Committee on Social Development outlining options available for their payment process. While the agency has in recent years received much criticism for its choice of Net 1 Cash Paymaster Services to process grant payments to beneficiaries, it confirmed[…]

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SA’s biggest banks want in on Sassa distribution

Three of South Africa’s biggest banks are considering bidding to distribute government welfare payments to more than 17 million people. This as a contract with a subsidiary of welfare grant distributor Net 1 UEPS Technologies comes to an end, after years of legal battles. The existing contract earned Net 1[…]

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Govt takes legal action on social grant lenders

National Minister for Social Development Bathabile Dlamini on Thursday said the department and the South African Social Security Agency (Sassa) are pursuing legal action against the company contracted to pay out funds to social grant recipients. Cash Paymaster Services (CPS) has been the alleged source of much dismay to many[…]

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